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	ERROR CHECKS & MODEL VALIDATION
	Automated Integrity Checks Across All Model Sheets
	OVERALL MODEL STATUS:			ALL CHECKS PASSED
	Checks Passed:	18 / 18
	DETAILED CHECK RESULTS
	#	Check Description	Sheet	Status	Validation Rule	Actual Value
	1	Scenario probabilities sum to 100%	Assumptions	PASS	Sum of Base + Bull + Bear + Stress = 100%	100.0%
	2	GARCH(1,1) stationarity condition	Assumptions	PASS	α + β must be < 1.00	0.960
	3	All forward prices are positive	Forward_Curve	PASS	Min forward price > 0	34.35
	4	Historical data has 60 months	Hist_Spot_Prices	PASS	60 months of base price data (2021-2025)	60 months
	5	Seasonal shape factors sum to 12	Forward_Curve	PASS	Sum of 12 monthly shape factors = 12.000	12.000
	6	Peak prices exceed Off-Peak prices	Hist_Spot_Prices	PASS	Average Peak > Average Off-Peak	26.48 spread
	7	No negative historical prices	Hist_Spot_Prices	PASS	All historical base prices >= 0	26.32 min price
	8	Correlation matrix diagonal values	Hist_Spot_Prices	PASS	All diagonal elements = 1.000	1.000 / 1.000 / 1.000
	9	Annualized volatility in range 5%-200%	Assumptions	PASS	Base vol between 5% and 200%	35.0%
	10	Mean reversion speed is positive	Assumptions	PASS	Kappa > 0	0.150
	11	Peak premium is positive	Assumptions	PASS	Peak premium > 0%	18.0%
	12	Off-peak discount is positive	Assumptions	PASS	Off-peak discount > 0%	20.0%
	13	Forward curve covers 60 months	Forward_Curve	PASS	60 monthly forward prices generated	60 months
	14	All GARCH cond. variances positive	Volatility	PASS	Min conditional variance > 0	0.00125
	15	Bull multiplier exceeds 1.0x	Assumptions	PASS	Bull case multiplier > 1.00	1.25x
	16	Bear multiplier below 1.0x	Assumptions	PASS	Bear case multiplier < 1.00	0.75x
	17	All simulation paths positive	Simulations	PASS	Min simulated price > 0	19.10
	18	Equilibrium price in range 10-500	Assumptions	PASS	Long-run equilibrium between 10 and 500 EUR/MWh	52.0 EUR/MWh
	AUDIT TRAIL
	Model Created:	12-Feb-26
	Last Modified:	12-Feb-26
	Model Version:	1
	Total Checks:	18
	Note: Error checks run automatically using Excel formulas. All checks reference live model data — when assumptions or data change, checks update in real-time. Green = PASS, Red = FAIL.